People’s United joins LPL Financial Institutional Services

The firm comprises approximately 40 financial advisors, who collectively manage approximately $5 billion in brokerage and advisory assets(1)

SAN DIEGO, Aug. 26, 2022 (GLOBE NEWSWIRE) — LPL Financial LLC today announced that the retail brokerage and advisory business of People’s United Bank (“People’s United”) has joined LPL’s institutional services platform .

M&T Bank, which relies on LPL’s Institution Services platform to support its retail advisory and brokerage business, completed its previously announced merger with People’s United Financial, Inc., on April 1, 2022. On August 22, approximately $2.6 billion in client assets were brought into LPL, including ~$2.4 billion in brokerage assets and ~$0.2 billion in advisory assets. The remaining assets of approximately $1.8 billion are expected to be integrated over the next few months.

“Since moving to the LPL platform last summer, our M&T family has seen the benefits of an integrated technology stack, an improved planning experience for customers, and an improved operating environment for our advisors,” said Matt McAfee, senior executive vice president and director of M&T. Rich markets. “We are excited to introduce these same features to former People’s Securities Inc. advisors and clients who have now joined M&T.”

“LPL and M&T have a long history of providing clients with personalized advice to help them achieve their financial goals,” said Ken Hullings, LPL Financial’s senior vice president, Enterprise Business Development. “LPL is proud to partner with M&T Bank and support their continued growth in brokerage and advisory. We are committed to investing in technology, digital capabilities and comprehensive advisory solutions that will help the financial institutions we serve differentiate their offering and increase their profitability.

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the business should work for the advisor, not the other way around. Today, LPL is a leader in the markets we serve,* supporting nearly 21,000 financial advisors, approximately 1,100 institutional investment programs and 500 independent RIA firms nationwide. We are unwavering in our commitment to the advisor-centric model and the belief that Americans deserve access to personalized advice from a financial advisor. At LPL, independence means advisors have the freedom they deserve to choose the business model, services and technology resources that allow them to run their practice perfectly. And they have the freedom to manage their relationships with their customers because they know their customers best. Simply put, we take care of our advisors, so they can take care of their clients.

* Best RIA Custodian (Cerulli Associates, 2020 US RIA Marketplace Report); #1 independent broker in the United States (based on total revenue, Financial Planning magazine June 1996-2021); #1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 company in June 2021.
LPL and its affiliates provide financial services only from the United States.

(1) Includes approximately $500 million in assets on third-party asset management platforms and estimated pension plan assets as of June 30e2022, which LPL does not include in its reports of total advisory and brokerage assets.

Securities and advisory services are offered by LPL Financial (LPL), a registered investment adviser and broker-dealer (Member FINRA/SIPC). M&T Bank is not registered as a broker or investment adviser. Products and services are offered by LPL or its affiliates, which are separate entities and not affiliated with M&T Bank. The titles and insurance offered by LPL or its affiliates are: Not Insured by the FDIC or Any Other Government Agency | Not guaranteed by the bank | Not bank deposits or bonds | May lose value.

We regularly disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Forward-looking statements

Statements in this press release regarding the future growth and plans of LPL Financial Holdings Inc. (together with its subsidiaries, including LPL Financial LLC, “LPL”) and M&T Bank, including those related to the expected future benefits of the relationship between LPL and M&T Bank, advisor and client experience, investments in the platform, as well as the amount and timing of the integration of brokerage and advisory assets from People’s United’s advisory and retail brokerage business , as well as any other statements that do not relate to current facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the historical performance of LPL’s and M&T Bank’s retail brokerage and advisory businesses and LPL’s plans, estimates and expectations as of August 25, 2022. Forward-looking statements do not guarantee that the amount or time of the integration of the assets, or the investments, plans, intentions or expectations, expressed or implied by LPL or M&T Bank will be realized. Matters that are the subject of forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause embedded asset levels, actual investments, activity levels or the calendar of events. of those expressed or implied by the forward-looking statements. In particular, LPL cannot guarantee that assets marked as managed by People’s United Retail Advisors will translate into assets managed by LPL. Important factors that could cause or contribute to such differences include: difficulties and delays in integrating People’s United’s retail advisor assets; disruptions in the operations of LPL or M&T Bank that could make it more difficult to maintain relationships with their respective advisers and clients; the choice by clients of People’s United advisors not to open brokerage and/or advisory accounts with LPL; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets on deposit; the effects of competition in the financial services industry, including the success of competitors in recruiting People’s United retail advisors and their clients; and the other factors set out in Part I, “Item 1A. Risk Factors” in LPL’s 2021 Annual Report on Form 10-K and any subsequent filings with the SEC. Except as required by law, LPL specifically disclaims any obligation to update forward-looking statements as a result of developments after the date of this press release, even if its estimates change, and you should not rely on such statements as representing the views of LPL. on any date after August 25, 2022.

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